论文代写-公司结构理论
许多公司结构理论将理解传统意义上的债务和公平。例如，正如公司结构图中的大卫·杜兰德理论所示，可以有两种极端的观点。首先，净收益法指出，要评估的债务和股本的成本与资本结构无关。这样的表述是相当激进的。净经营收益法试图以不同的结果来看待同样的问题。另一方面，这里假设权益的成本是直接和线性增加的。传统的理论有很大的不同，它认为企业的结构是以净收益和净经营观点的折衷形式存在的。
按照传统的观点，资本成本将会随着平均水平的降低而降低。通常，资本成本下降和增加的三个阶段将表明传统观点中有三种不同的杠杆作用。首先，传统的观点是基于所有的安全秩序都受到风险的影响而受到批评，而另一些研究者如莫迪利亚尼和米勒则提出了质疑。MM假说认为，证券通常是在完美的市场环境下进行交易的，在这种情况下，风险类的构建更加均匀。
Many theories of corporate structure will understand debt and equity in the traditional sense. For instance, as the David Durand theory in corporate structuring shows, there can be two extreme views. Firstly, the net income approach states that the cost of debt and equity that is to be assessed is independent of the capital structuring. Such a representation is quite radical. The net operating income approach attempts to look at the same, with a different outcome. On the other hand, the cost of equity is assumed here to increase directly and linearly with average. The traditional theory is much different in that it views corporate structuring in a form of compromise of net income and net operating views.
According to the traditional view therefore, the cost of capital will decrease and increases with average. Usually, three stages of decrease and increase in the cost of capital will indicate three different leverages are observed in the traditional view. Firstly, the traditional view is criticized based on the implication that totality in risk is suffered by all security orders, while the assumption is challenged by other researchers such as Modigliani and Miller. The MM hypothesis as is named, argues that securities are usually traded under perfect marketing situations where risk classes are more homogeneously constructed.
